Star Health,Apollo Munich,Max Bupa,Vidal,Religare,Reliance General Insurance are in race for India’s Most Valuable & Admired Health Insurance Company 2016
Reviewed by PHARMALEADERS on
November 18, 2016.

A visible trend on the medical insurance landscape is the…

A visible trend on the medical insurance landscape is the…

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Star Health,Apollo Munich,Max Bupa,Vidal,Religare,Reliance General Insurance are in race for India’s Most Valuable & Admired Health Insurance Company 2016

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A visible trend on the medical insurance landscape is the demand for least-priced and comprehensive products in the OPD space to curtail the huge out-of-pocket expenses. On an average the medical spend for OPD is Rs.30,000 annually. As per the IRDA report 2014-15, the market size of the health insurance sector is around Rs.20,000 crore in premium. The growth rate is 14 per cent CAGR from 2013 to 2015. There are currently 27 licensed TPAs in the industry today listed with the IRDA.Health insurance in India is a growing segment of India’s economy. In 2011, 3.9%[1] of India’s gross domestic product was spent in the health sector. According to the World Health Organisation (WHO), this is among the lowest of the BRICS (Brazil, Russia, India, China, South Africa) economies. Policies are available that offer both individual and family cover. Out of this 3.9%, health insurance accounts for 5-10% of expenditure, employers account for around 9% while personal expenditure amounts to an astounding 82%.For the financial year 2014-15 Health Insurance premium was Rs.20,440 crores.

Healthcare Insurance in india is of big significance as it will determine india’s aim to provide quality & affordable healthcare. Research in Pharma Leaders Desk has brought six companies that has entered into the finalists for the coveted & prestigious “India’s Most Valuable & Admired Health Insurance Company 2016” at the Pharma Leaders 2016 Annual Award.

Indian health insurance sector is in the throes of a massive transformation. Companies are actively innovating products to meet the cashless outpatient requirements. A visible trend on the medical insurance landscape is the demand for least-priced and comprehensive products in the OPD space to curtail the huge out-of-pocket expenses. On an average the medical spend for OPD is Rs.30,000 annually. Therefore a ‘right value and all-inclusive’ offering will significantly see an uptake in this health insurance space. In India, health insurance was introduced in 1986 with Mediclaim being among the first policies issued by the General Insurance Company (GIC). In 2000, the Union government liberalised the sector permitting entry of private players. This brought in offerings like family floater plans, critical illness plans, hospital cash and top-up policies. In 2002, Insurance Regulatory Development Authority (IRDA) notified the concept of Third Party Administrators (TPAs). In 2014, medical inflation in the country touched 12-15 per cent as against a global average of 6-7 per cent. Around 4 per cent of Indians were covered under group medication and 2 per cent subscribed to retail health insurance policies. In 2015, the healthcare providers moved on to online platform of cashless claims management.As per the IRDA report 2014-15, the market size of the health insurance sector is around Rs.20,000 crore in premium. The growth rate is 14 per cent CAGR from 2013 to 2015. There are currently 27 licensed TPAs in the industry today listed with the IRDA.

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By Pharmaleaders Group : Physical interviews will be carried out by Pharmaleaders Journalists/Researchers to a sample size of 3.5 Lakh voters will be conducted in 16 Cities & will be counted in final votings. Please note that only 40 % of weightage are given to SMS/EMAIL/ONLINE/PHYSICAL INTERVIEWS to gauge the mood of the nation. 60 % purely rests on merits & Jury Members decision to give the real justice & make it transparent in our quest to find the real winners as we have been doing over last 8 annual editions.

“Pharma Leader Jury arrive at the final six nominees for their leadership position in their respective fields after a scrutiny & a detailed research by a team of researchers & experts that are followed year after years at the Pharma Leaders Annual Award Editions thereby making the process very credible & transparent. We are often asked by the nominees as they are surprised when they see their list of final countdown. It is also a matter of great satisfaction & pride even to make it to the top six nominations irrespective of the results of the final winner which will be declared on Friday,the 23rd December 2016 at the grand award ceremony where more than 350 leaders of the industry make it to witness the event of the year”.

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